Report: FTX CEO Says Crypto Exchange Is Ready to Spend Billions on Acquisition Deals

Billionaire and FTX co-founder Sam Bankman-Fried stated the main crypto asset trade goals to make plenty of acquisitions and will spend as much as $2 billion on such efforts. The FTX chief government officer highlighted in a latest interview {that a} fraction of the funds raised by the corporate had been “explicitly seen from a possible acquisition angle.”

FTX Executive Sam Bankman-Fried Says Funds Raised Could Be Leveraged for Acquisitions

Sam Bankman-Fried spoke in an interview with Bloomberg’s Allyson Versprille and Yueqi Yang on Friday and defined that FTX is considering growth strikes and acquisitions. The crypto trade FTX and its guardian firm West Realm Shire Services Inc. have raised over $2 billion from buyers.

FTX trade volume data reveals it’s the second-largest cryptocurrency buying and selling platform beneath Binance by way of world commerce quantity. During the previous 24 hours, FTX has recorded $1.56 billion in crypto trades with its 338 cash and 524 buying and selling pairs.

Bankman-Fried defined through the interview with Bloomberg’s Versprille and Yang that the corporate’s conflict chest of funds may very well be leveraged for plenty of acquisitions.

“FTX is a worthwhile firm,” the FTX government defined. “You can take a look at the quantity that we’ve raised over the past yr or two – it’s just a few billion {dollars}. That provides perhaps a way of the place we’re by way of money that was explicitly seen from a possible acquisition angle.”

The FTX co-founder additional detailed that the corporate desires to have the ability to supply clients extra merchandise to allow them to keep on the platform for all their wants, Bankman-Fried remarked. As far as acquisitions are involved, Bankman-Fried stated the agency is maintaining a targeted lookout. The FTX government added:

It’s at all times one thing that we’re going to be open to and maintaining our ears to the bottom on.

Bankman-Fried’s feedback comply with FTX US launching a zero fee equities buying and selling platform. The dialogue on Friday additionally follows Bankman-Fried’s statements regarding bitcoin (BTC) and the community’s potential to be a cost community.

Bankman-Fried was additionally named one of many “100 Most Influential People of 2022” by TIME and time.com creator Andrew R. Chow featured the FTX CEO in a profile editorial.

What do you consider the FTX CEO explaining its plans to make use of funds to amass corporations and increase? Let us know what you consider this topic within the feedback part beneath.